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- Field reconnaissance identified copper prospective sequence
- Lies adjacent to Peel – Manning Fault around 40km south east of Cosmo’s Nundle project
- Copper oxide mineralisation identified at surface
- Targeting large scale intrusion related Cu-Au mineralisation
Cosmo Metals (ASX: CMO) has been granted the strategic Carters Road exploration licence located around 40km south-east of the company’s Nundle project in NSW.
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Field reconnaissance has already identified outcropping copper bearing material at Carters Road.
MD, Ian Prentice, said Carters Road is largely unexplored with next steps to include the compilation of the limited historical exploration, geological and geophysical data to guide the planning of on ground exploration.
“We are very pleased to have expanded Cosmo’s copper prospective portfolio in the New England Orogen through good geological work and proactive tenement management, securing a zone of outcropping copper mineralisation with scope for a scale intrusion related Cu-Au discovery for the cost of a tenement application,” he said.
“We are looking forward to getting on the ground and following up on the reconnaissance grab sample that has already demonstrated the presence of high-grade copper mineralisation at surface.”
There is no evidence of historic mining or systematic modern exploration within the exploration licence, however, field reconnaissance conducted by the Cosmo team identified outcropping copper mineralisation associated with a Permian aged Tonalite intrusion within Tamworth Group volcanics.
There is more than one km strike of the prospective Tonalite in the project area. A single grab sample collected during the field reconnaissance returned 4.69% copper and 5.78 grams per tonne (g/t) silver.
Mr Prentice said Cosmo’s technical team consider Carters Road is prospective for large scale intrusion related copper – gold mineralisation similar in style to the historic Mt Morgan mine located in the New England Orogen near Rockhampton in Queensland.
Cosmo’s next steps will include the compilation of the limited historical exploration data across the broader area, plus review of regional and local geological and geophysical data to guide the planning of on ground exploration. This work will be followed by ground truthing, geological mapping and sampling to identify controls on mineralisation.
CMO is steady at 0.4¢ with a Mkt cap of $2.776M.
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